HDFC Hikes Home Loan Rates By 25 Basis Points From 1st March 2023

HDFC Hikes Home Loan: Your home loan EMI has become costlier. Housing finance company HDFC has announced an increase in its home loan interest rates. Home loan HDFC Limited has decided to increase its lending rate by 25 basis points i.e. 0.25 percent. The increase in home loan rates will be applicable from March 1, 2023.
hdfc home loan costlier

HDFC has decided to increase the interest rates for the 9th time. HDFC said in its statement, HDFC has decided to increase its Retail Prime Lending Rate (RPLR) on housing loans. There is an increase of 325 basis points in the Adjustable Rate Home Loan (ARHL), which will be considered applicable from March 1, 2023. People thinking of taking HDFC’s announced home loan will have to pay more EMI, as well as those who have already taken home loan from the housing finance company, their EMI will become expensive. After the announcement of HDFC’s rate hike, home loan interest rates will start at 9.25 per cent. For those customers whose CIBIL credit score is more than 760, the bank is giving home loan at the rate of 8.70 percent under the special offer. This scheme is till 31 March 2023.

Home loan of Rs 20 lakh

At 9 per cent interest rate on a home loan of Rs 20 lakh for 20 years, EMI was to be paid at Rs 17,995. But after the home loan rate is 9.25 percent, the EMI will increase to Rs 18,317.

Home loan of Rs 30 lakh

EMI of Rs 30428 has to be paid at the rate of 9% for taking a home loan of Rs 30 lakh for 15 years. But after increasing the interest rates of HDFC, the new rates will be 9.25 percent and an EMI of Rs 30,876 will have to be paid on it.

Home loan costlier due to increase in repo rate

After increasing the repo rate of RBI, interest rates are being increased from bank to housing finance company one after the other. In this series, now HDFC has also decided to increase the interest rates of home loans.

read this also

Food Inflation: Monsoon may remain bad due to El Nino, there is no hope of relief from food inflation!